New York, September 15, 2015 -- Moody's Investors Service ("Moody's") downgraded several ratings of Sprint Corporation ("Sprint" or "the company"), including the company's Corporate Family Rating ("CFR") to B3 from B1, the company's Probability of Default Rating ("PDR") to B3-PD from B1-PD and Sprint's senior unsecured rating to Caa1 from B2. Moody's also lowered Sprint's Speculative Grade Liquidity ("SGL") Rating to SGL-4 from SGL-3. Today's rating action reflects Moody's view that the numerous operational and network initiatives, management changes, and funding plans recently announced by Sprint and its parent company and majority shareholder, SoftBank Group Corp. ("SoftBank"), will be insufficient to stabilize Sprint's operations in the next few years. The brutal competition now playing out in the US wireless industry will pressure the financial performance of even the strongest operators. Consequently, we expect Sprint's cash consumption to remain high, liquidity to remain weak and leverage to increase. Finally, we remain concerned about the ability of Sprint to refinance its large upcoming debt maturities absent a much stronger commitment from SoftBank to the long-term strategic importance of Sprint in SoftBank's overall plans. The outlook remains negative.

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